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HEALTH IMAGES ANNOUNCES SECOND QUARTER 1992 RESULTS

 HEALTH IMAGES ANNOUNCES SECOND QUARTER 1992 RESULTS
 ATLANTA, July 28 /PRNewswire/ -- Health Images, Inc. (NASDAQ: HIMG) today announced for the quarter ending June 30, net income of $1,587,800 or $0.13 per share on both a primary and fully diluted share basis.
 Net revenues were $16,751,700. In the prior year period Health Images recorded net revenues of $14,290,400 and net income of $1,591,800 or $0.13 per share on both a primary and fully diluted share basis. Primary earnings per share were calculated on 12,482,700 and 12,668,700 weighted average common share and net dilutive common share equivalents outstanding for the 1992 and 1991 periods respectively. Compared to the prior year period, same center MRI studies conducted increased by 1.3 percent, while same center net revenues increased by 5.7 percent. Total MRI studies conducted increased by 17.0 percent.
 Robert D. Carl III, president and chairman of Health Images, Inc., stated: "Our company's second quarter 1992 operations compared favorably to the prior year. Quarter to quarter comparisons, however, suffered from a one-time adjustment to the company's bad debt reserves taken during the second quarter of 1991. Net income, not inclusive of the $400,000 adjustment to bad debts, increased approximately 24.9 percent in the quarter ended June 30, 1992."
 For the six months ending June 30, net income was $3,310,500 or $0.26 per share on both a primary and fully diluted basis on net revenues of $33,068,800. For the prior year period, net income was $0.24 per share on both a primary and fully diluted basis. Primary earnings per share were calculated on 12,547,700 and 11,579,500 weighted average common share and net dilutive common share equivalents outstanding for the 1992 and 1991 periods respectively. Compared to the prior year period, same center MRI studies conducted increased by 3.5 percent, while same center net revenues increased by 7.6 percent. Total MRI studies conducted increased by 17.7 percent.
 Health Images, Inc. operates magnetic resonance imaging centers, manufactures magnetic resonance imaging scanners, and provides equipment maintenance services for major medical diagnostic imaging equipment.
 HEALTH IMAGES OPERATING RESULTS
 3 months ended June 30
 Inc. Pct. inc.
 1992 1991 (dec.) (dec.)
 Net patient service
 revenue $14,850,200 $12,373,200 $2,477,000 20.0
 Engineering revenue 1,658,600 1,547,200 111,400 7.2
 Other income 242,900 370,000 (127,100) (34.4)
 Total net revenue 16,751,700 14,290,400 2,461,300 17.2
 Operating costs 11,718,100 10,195,900 1,522,200 14.9
 Prov. for bad debt 525,400 11,000 514,400 4,676.4
 General and admin.
 expenses 1,687,800 1,496,400 191,400 12.8
 Interest income (312,800) (468,200) (155,400) (33.2)
 Interest expense 484,600 400,100 84,500 21.1
 Income bef. prov. for
 income taxes and
 minority interest 2,648,600 2,655,200 (6,600) (0.2)
 Minority int. in income
 of consolidated
 entities 82,400 128,700 (46,300) (36.0)
 Income before income
 taxes 2,566,200 2,526,500 39,700 1.6
 Provision for
 income taxes 978,400 934,700 43,700 4.7
 Net income $ 1,587,800 $ 1,591,800 $ (4,000) (0.3)
 Net income per share
 (primary) $0.13 $0.13 $0.00 0.0
 Net income per share
 (fully diluted) $0.13 $0.13 $0.00 0.0
 Primary common shares and
 net dilutive common share
 equivalents 12,482,700 12,668,700 (186,000) (1.5)
 Fully diluted common shares
 and net dilutive common
 shares equivalents 12,482,700 12,668,700 (186,000) (1.5)
 Total MRI studies
 conducted 18,200 15,553 2,647 17.0
 Same center studies
 conducted 15,752 15,553 199 1.3
 Same center net
 revenues $13,083,400 $12,373,200 $ 710,200 5.7
 Imaging centers in
 operation 35 29 6 20.7
 HEALTH IMAGES OPERATING RESULTS
 6 months ended June 30
 Inc. Pct. inc.
 1992 1991 (dec.) (dec.)
 Net patient service
 revenue $28,851,100 $23,980,400 $4,870,700 20.3
 Engineering revenue 3,112,100 3,617,700 (505,600) (14.0)
 Other income 1,105,600 687,300 418,300 60.9
 Total net revenue 33,068,800 28,285,400 4,783,400 16.9
 Operating costs 22,923,300 19,785,900 3,137,400 15.9
 Prov. for bad debt 1,021,700 661,400 360,300 54.5
 General and admin.
 expenses 3,362,400 2,751,900 610,500 22.2
 Interest income (688,700) (690,400) (1,700) (0.2)
 Interest expense 988,300 996,000 (7,700) (0.8)
 Income bef. prov. for
 income taxes and
 minority interest 5,461,800 4,780,600 681,200 14.2
 Minority int. in income
 of consolidated
 entities 203,000 287,600 (84,600) 29.4
 Income before income
 taxes 5,258,800 4,493,000 765,800 17.0
 Provision for
 income taxes 1,948,300 1,662,400 285,900 17.2
 Net income $ 3,310,500 $ 2,830,600 $ 479,900 17.0
 Net income per share
 (primary) $0.26 $0.24 $0.02 8.3
 Net income per share
 (fully diluted) $0.26 $0.24 $0.02 8.3
 Primary common shares and
 net dilutive common share
 equivalents 12,547,700 11,579,500 968,200 8.4
 Fully diluted common shares
 and net dilutive common
 shares equivalents 12,547,700 11,579,500 968,200 8.4
 Total MRI studies
 conducted 35,061 29,799 5,262 17.7
 Same center studies
 conducted 30,838 29,799 1,039 3.5
 Same center net
 revenues $25,806,800 $23,980,400 $1,826,400 7.6
 Imaging centers in
 operation 35 29 6 20.7
 -0- 7/28/92
 /CONTACT: Robert D. Carl III, president and chairman, or Laura J. Werner of Health Images, 404-587-5084/
 (HIMG) CO: Health Images, Inc. ST: Georgia IN: MTC SU: ERN


BR-BN -- AT008 -- 4181 07/28/92 14:58 EDT
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Date:Jul 28, 1992
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